IDB supports Ecuador with credit line of $300 million after the earthquake

Resources will complement government actions to address the emergency

The Inter-American Development Bank (IDB) has activated a contingency loan of US$300 million to support the Ecuadorian government with losses and emergency expenses associated with the devastating earthquake that hit the Northern coast on April 16.

"In this difficult time, our thoughts are with Ecuador," said Luis Alberto Moreno, IDB president. "Especially, I would like to extend my deepest condolences to the families affected by this tragic event, and give them all of our encouragement and support."

"At the IDB we are closely following the situation and we stand ready to help the Ecuadorian government face the disaster," added Moreno. "We have approved an emergency donation of US$ 200,000 to supplement government measures already underway to provide food, water, medicine and shelter to the victims of the worst affected provinces."

The contingency loan of up to $ 300 million will be financed with resources from the Contingent Credit Facility for Natural Disaster Emergencies, one of the main tools of the IDB for the financial management of natural disaster risks.

"In coordination with the Ecuadorian government, we are refocusing our portfolio to provide additional reconstruction resources at this hour of need. We are also in contact with other donors to exchange information and coordinate response actions, "added Moreno.

To date, more than 500 people have died after the earthquake of 7.8 degrees recorded on Saturday in northwest Ecuador. A new 6.2-degree earthquake has rocked the coastal area early this morning.

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The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.